The HR Compensation Manager directs the organizations compensation program

The hr compensation manager directs the organizations

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The HR Compensation Manager directs the organization's compensation program. Their responsibilities include developing job descriptions , analyzing jobs , conducting sal
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surveys and job evaluations , and establishing a salary structure. They suggest revisions to the compensation plan and procedures, administer bonus and incentive programs, an manage the performance appraisal system . Compensation: an overview Compensation management is one of the most challenging human resource areas because it contains many elements and has a far-reaching effect on the organisation's goals. T purpose of providing compensation is to attract, retain and motivate employees. There are two main types of financial compensation. 1. Direct financial compensation - the pay that a worker receives as wages, salaries, commissions and bonuses, and 2. Indirect financial compensation - all financial rewards that are not included in direct compensation (i.e. benefits). An example of direct financial compensation is the money the worker receives as wages at the end of the week, or as a salary paid at the end of the month. Many companies salaries straight into the employee's bank account. An example of indirect financial compensation is when the company contributes to an employee's housing subsidy or a pension plan. Not all compensation is financial. A worker can get great satisfaction from his work and enjoy the environment in which he works. This is called non-financial compensation a cannot be counted in terms of money. For example, a veterinarian might enjoy working outside, going to farms to treat animals and deliver calves. A publisher might enjoy the challenge of producing books that will enrich people's lives. It is not always possible to provide a perfect pay package (the agreement between the organisation and the employee about how much money and other benefits the employee receive). Because of this, some companies allow their employees to work out their own compensation packages.
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India: Central government employees draw more salary along with benefits than state government employees, compared with private sector employees. There is a particular p structure fixed for every government employee in India which is not in private companies. The pay structure of government employees in India is as follows Employee salary : Basic pay + Grade pay + Dearness Allowance (DA) + House Rent Allowance (HRA) + City Compensatory Allowance (CCA) The details of above said components of salary of government employees are as follows. Basic pay: The primary component of employee salary which is bases for calculation of other components in the employee salary. Grade pay: An amount which is fixed by the government on the range of employee in government hierarchy. (for example; Group A officers have high grade pay than
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Group B officers.) Dearness Allowance: Certain percentage of the amount on basic pay. This percentage varies from state government to Central government employees. An allowance p to employees on the basis of consumer Price index. Consumer price index denotes the cost of the products which influences by the inflation. (in simple terms cost of
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  • Spring '16
  • Management, HRM, Salary, Employment compensation, Remuneration, HR Compensation Manager

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